Vietnam is becoming a country that favors cashless payments.
Báo Tuổi Trẻ•17/06/2024
Cashless payments are becoming increasingly popular in Vietnam, contributing to shaping the future of the digital economy and bringing positive impacts to consumers and businesses.
Users learn about payment services at Visa's experience booth during the 2024 Cashless Festival - Photo: PHUONG QUYEN
Visa's 2023 research on consumer payment attitudes shows that cashless payments, particularly e-wallet transactions, are on an upward trend at points of sale.
Notably, 79% of food and beverage (F&B) businesses and 74% of retail stores and convenience stores have accepted cashless payments. For small and medium-sized enterprises (SMBs), Visa's research also indicates that over 40% of Vietnamese SMBs have accepted card payments, confirming the crucial role of digital payments in business operations. The growing trend of digital payment methods optimizes and secures consumer transactions. To promote the adoption of digital payments in Vietnam, this leading global payment technology company has also partnered with leading Vietnamese e-wallets such as MoMo, VNPAY , and ZaloPay to enhance the ease of QR payment experience for cardholders.
Simultaneously, Visa introduced Apple Pay to Vietnam through a partnership with a major domestic issuer, providing a seamless and secure payment method. Over the past 10 months, Visa has expanded its point-of-sale and retail marketing activities across Hanoi and Ho Chi Minh City, thereby increasing the visibility and acceptance rate of Visa cards on Apple Pay. Ms. Dang Tuyet Dung, Director of Visa Vietnam and Laos, commented: “Digital payments are shaping the future of the Vietnamese economy, bringing positive impacts to consumers and businesses.” In the 6th "Cashless Day" event series, jointly organized by the State Bank of Vietnam and Tuoi Tre newspaper, Visa continued its support and partnership towards developing the digital payment ecosystem in Vietnam. “Visa is delighted to continue its partnership with the ‘Cashless Day’ program in 2024 to promote cashless transactions across the country. Through this, Visa once again affirms its commitment and efforts to ensure that all stakeholders in Vietnam’s payment ecosystem benefit from digital payments, including consumers, merchants, and payment service providers,” Ms. Dung shared.
Visa launches various promotions in celebration of Cashless Day.
In response to this year's "Cashless Day," Visa is strengthening its support for consumers and businesses with many attractive promotions to encourage cashless payments on Gojek, Klook, Lazada, UrBox, and more. One of the highlights of the promotion is the long-term strategic partnership between Visa and Starbucks to encourage cashless payments at Starbucks stores and support the transition to cashless Starbucks locations, increasing the number of such stores to nearly 15% of the total number of stores this year. Other offers include a 50% discount on the total bill at upscale restaurants, a complimentary set menu at MICHELIN-starred restaurants, and half-price room rates for a two-night weekend stay at a 5-star hotel. Notably, on June 27th, to celebrate the achievements of the culinary community, Visa will collaborate with MICHELIN in the launch of the MICHELIN Guide Hanoi, Ho Chi Minh City, and Da Nang 2024. The event will be held at the InterContinental Saigon Hotel in Ho Chi Minh City, promising many exciting experiences for attendees.
To enhance security and ensure greater safety and convenience for users making cashless payments, Visa announced that it will launch several new products and services in late 2024.
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